Real estate developer Richard Spurzem, the single largest shareholder of Albemarle First Bank, has formally proposed that the bank sell out to a larger bank. The bank was founded in 1998, at a time when local banks were all being bought up by national banks, at the same time as Virginia National Bank. While VNB has added locations and grown steadily, Albemarle First has lost value, with last year’s Ivy Industries $2.4M check kiting scandal doing nothing to help. Shareholders may end up casting a vote on the proposal at the annual meeting in May. David Hendrick had the story in Saturday’s Progress.
News and meta-news about Charlottesville, VA, since 2001.
Sideblog
Police announced this afternoon that their investigation into what was initially believed to be a fatal fire on Rugby Avenue is now a homicide investigation. #
The Virginia Supreme Court has denied George Huguely’s appeal. His second-degree murder conviction will stand, WRIC reports. #
In a carefully worded story, and not citing specific sources, WTVR reports that forensic evidence belonging to Jesse Matthew Jr., the main suspect in the disappearance of Hannah Graham, matches forensic evidence collected during the investigation of Morgan Harrington’s 2009 murder. #
In the wake of Hannah Graham’s disappearance, and the evidence that came from private security footage, city officials are revisiting the question of installing security cameras on the downtown mall. #
Both Charlottesville Registrar Sheri Iachetta and former Electoral Board member Stephanie Commander have turned themselves in to the police on
foursix and four felony counts of embezzlement, respectively. #Ten years ago, the National Institutes of Health budget doubled and schools like the University of Virginia built massive new research facilities. A decade later, those buildings remain largely underutilized. NPR visits UVA in this story on the effect of federal binge and spurge spending in the sciences. #
In 2012, Council approved a new student housing complex on West Main—now some council members are questioning whether what they were shown matches what was built. #
The Architectural Review Board has approved a bike-themed mural on West Market, below the McGuffey Art Center, although at least one member expressed concerns that it might look like the bicyclists were riding away from Charlottesville’s downtown. #
City Police Chief Tim Longo is meeting with city leaders to work on protocols regarding the use of military surplus police weapons in Charlottesville. #
A 100-year-old Colonnades resident received military honors for her service in the WWII Women’s Army Corps #
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I’m a bit behind on the news. I’m just getting settled back in town after moving back this past weekend.
I thought I was escaping cold weather by moving from the NRV back to C’ville. Obviously, I was mistaken. :)
It’s become the American dream, to build up a business from scratch, behind a unique anti-establishment type of philosophy, which also serves as a great marketing angle, and then Sell Out to the highest bidder.
I’d hate to see it happen, but then it’s not my decision to make.
"Spurzem"?? Is it me, or does that sound like a term from a porn flick?